President Donald Trump questions reporters on Termac in Morristown, New Jersey.
Luxury Automekar Volvo Representing approximately 15% of the company’s office-based workforce, reducing 3,000 jobs.
The announcement made on Monday stated that the most affected posts are in Sweden. According to media releases, most of the white-collar job deduction is part of the company’s “recently launched cost and cash action plan”.
Sorting comes because the Swedish automeker tries to revive the price of its plumating share and revive the better demand for his cars, restructuring and cuts the cost.
“The automotive industry is in the midst of a challenging period,” said in a statement by Hekan Samuelson, president and CEO of Volvo Cars. “To address this, we must improve our cash flow generation and reduce our costs structurally. Also, we will continue to ensure the development of the talent required for our ambitious future.”
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A Volvo logo is depicted in Brussels, Belgium on March 4, 2024. (Yways Harman / File Photo / Reuters)
With most of its production located in Europe and China, Volvo cars are in touch with new American tariffs compared to many of their European rivals, and said it may be impossible to export its cheapest cars to America.
On Friday, President Donald Trump From June 1, the European Union threatened to impose a 50% tariff on imports, but on Monday he was away from that date, restoring the July 9 deadline to allow for interaction between Washington and Brussels.
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The Volvo electric car is being displayed at the Electric, Home Energy and Electric Vehicle Show on London, Britain, April 16, 2025. (Maja Smizkovska / Reuters)
A logo from Volvo is seen inside a car dealer on 26 February 2025 in Nizamgen, Netherlands. (Piroschka van de wouw / file photo / Reuters)
Volvo Cars’ By Monday, the stocks were up 3.6%, the Reuters reported that with the higher increase before the announcement of the pruning. They are still 24% below the year-by-year.
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According to Reuters, in 2024, Volvo had more than 44,000 employees globally. There were broadly 20,000 white -collar workers. The automaker hopes to promote restructuring cost of 1.5 billion crowns once.
Reuters contributed to this report.
